Fundamental Value Investors: Characteristics and Performance

We examine novel data on the detailed investment decisions of professional value investors. We find evidence that value investors are not easily defined: they exploit traditional tangible asset valuation discrepancies such as buying high book-to-market stocks, but spend more time analyzing intrinsic value, growth measures, and special situation investments. We also test whether fundamental value investors outperform the market in our sample (January 2000 to June 2008). Analyzing buy-and-hold abnormal returns and calendar-time portfolio regressions, we conclude that value investors have stock picking skills.Value investing, abnormal returns, hedge funds, market efficiency, Valueinvestorsclub.com performance

Correcting the Site Frequency Spectrum for Divergence-Based Ascertainment

Comparative genomics based on sequenced referenced genomes is essential to hypothesis generation and testing within population genetics. However, selection of candidate regions for further study on the basis of elevated or depressed divergence between species leads to a divergence-based ascertainment bias in the site frequency spectrum within selected candidate loci. Here, a method to correct this problem is developed that obtains maximum-likelihood estimates of the unascertained allele frequency distribution using numerical optimization. I show how divergence-based ascertainment may mimic the effects of natural selection and offer correction formulae for performing proper estimation into the strength of selection in candidate regions in a maximum-likelihood setting

Response to the DECC Consultation of the siting process for a Geological Disposal Facility, 2013

Several members of SEG (Matt Gross, Phil Johnstone, Florian Kern, Gordon MacKerron, and Andy Stirling) have participated in a written response to the Department of Energy and Climate Change’s (DECC) consultation of the siting process for a Geological Disposal Facility (GDF) for nuclear waste. This consultation follows the rejection by Cumbria County Council earlier this year to hosting a Geological Disposal Facility. The government have therefore gone back to the national level to find a suitable location, and the issue remains a multifaceted and controversial one. Matt Gross and Phil Johnstone also represented SEG at the one day consultation on the same issue run by DECC at Centre Hall, Westminster, involving several round-table discussions with civil service, nuclear regulators, and local politicians on the various issues surrounding the siting of a GDF

Strongly bonded individuals prefer to forage together in cooperatively breeding dwarf mongoose groups

In many social species, group members form strong social bonds. Such strong bonds are well-known to generate long-term fitness benefits, but they are also expected to influence short-term behavioural decisions. Here, we use field observations and an experimental manipulation to investigate whether variation in social-bond strength (as determined from grooming interactions) influences nearest-neighbour choices while foraging in wild dwarf mongooses (Helogale parvula). Preferred grooming partnerships (PGPs), representing particularly strong bonds, were found predominately between male–female dyads but among a range of dominance-status dyads. When searching for food, dwarf mongooses with PGPs were more likely than expected by chance to forage close to a preferred grooming partner. Foraging near a strongly bonded groupmate might reduce the predation risk or increase foraging opportunities and the transfer of social information. In addition, there could be stress-reducing benefits, although our field experiment provided no evidence that nearest-neighbour preferences for strongly bonded groupmates were additionally favoured, or indeed disrupted, in the aftermath of a short-term stressful event. Investigating the potential influence of strong social bonds on short-term behavioural decisions with potential fitness consequences is important for our understanding of social interactions and cooperation